All Forum Posts by: Nathan Gilbo

@Anthony Zotto  did you represent your self or could you pass along the law firm you utilized?  Most lawyers right now seem to be scared to death to do anything.

Any information would be greatly appreciated.

Sincerely,

Nathan Gilbo

The first question I ask when I find a potential property is if the owner owns it outright, if so I ask if they are willing to owner finance.  This has helped me finance way more deals than I otherwise could of through the traditional bank means.

If they are willing you can literally negotiate any terms.

Sincerely,

Nathan Gilbo

I wouldn't bother to pursue, just be glad that they actually left and you did not have to go through the song and dance to get them out.  In some instances with a couple months back rent I tell my "tenants" to just get the heck out and you wont owe me anything.  The cost of a full eviction (both time and monetary) where the tenant is forced out by sheriffs and you have to store their goods is absolutely ridiculous, do all you can to avoid that situation.

very carefully

I am located in northern NY as well, some long term tenants which came with buildings I have purchased are still paying the same rent as they had with the previous owner.  Some instances they're paying 550 and I could get 850 for the apartment.  I chose to keep it the same because for 4 years he only calls me once a month to drop off his money.  If the building was not cash flowing it would be a different story.  When I do change rents I typically wait until it's with a new tenant/lease.

Hello All,

      I am just looking to get some feedback/ a different point of view on this deal I am currently looking at.

      List price is 87,000 it is a duplex.  The owner will finance with 12,500 down with payments of 475 a month and ballooned after 3 years (I am going to offer 5 years).  The taxes are currently $4800.  Current rents (rented) are 900 a piece.  All heat, water, and electric is tenants responsibility.  I will be using a property manager for this one and the market rate for that area is around the 10% gross rent (plus a half months rent if they find new a new tenant).

     Thank you in advance for the information and collaboration it is greatly appreciated! 

Sincerely,

Nathan Gilbo

Hello,

I am looking to make my first jump into the rental market. I have been doing quite a bit of reading and decided I am going to pursue an FHA loan on a prospect property.

It is a 2 unit property a 2 and 3 bedroom.  They are asking $118000  with taxes being around 2500 a year.  I would live in the 2 bedroom for the year and possible rent out the other bedroom, along with the 3 bedroom.  From talking to some friends in the area I should be able to get 400 to 500 per room for the 3 bedroom.  It is in one of the better neighborhoods in the area with a few colleges near by.  So there shouldn't be a problem keeping it occupied.

I am looking for some advice/analysis about this property.  Any feedback is greatly appreciated, thank you.

Sincerely,

Nathan Gilbo

Hello,

I am starting to shop around for financing.  Any advice for banks different lenders?

Thank you in advance.

Sincerely,

Nathan Gilbo

I am looking to get input/experience/opinions of tapping the college rental market?

Any information is greatly appreciated and I am going to thank you in advance.